An income tax calculator helps you estimate your tax liability based on your annual income and applicable tax slabs. By entering your gross income, deductions, and other relevant details, you can instantly calculate your taxable income, tax payable, and take-home salary. This tool is essential for tax planning and understanding your financial obligations.
Health & Education Cess: 4% on total tax
Income tax is a tax levied by the government on individuals' income, including salary, business profits, and capital gains.
The new tax regime offers lower tax rates but fewer deductions, while the old regime has higher rates with more deductions.
Under the old regime, salaried employees can claim a standard deduction of ₹ 50,000 from their salary income.
Section 80C allows deductions up to ₹ 1.5 lakh for investments in PPF, ELSS, NSC, life insurance premiums, etc.
Section 80D provides deductions for medical insurance premiums up to ₹ 25,000 (₹ 50,000 for senior citizens).
Section 24 allows deductions up to ₹ 2 lakh for interest paid on home loans for self-occupied property.
Health & Education Cess is 4% levied on the total income tax payable, used for education and healthcare initiatives.
Income tax is generally paid in advance quarterly, with final settlement through annual tax returns.
Non-payment of taxes can result in penalties, interest, and legal consequences under the Income Tax Act.
Yes, taxpayers can revise their income tax returns before the assessment year ends or before assessment, whichever is earlier.